TOKYO: Japan's crude steel output in fiscal 2016/17 is likely to be flat from this year, at around 105-106 million tonnes, but there is a risk of a shortfall due to lower export demand, the Japan Iron and Steel Federation said on Wednesday.

Output will be supported by higher domestic demand but weighed down by weaker export demand given China's drive to increase its own steel product exports, it said.

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.